Personal Loans offer a swift and convenient avenue to secure credit for urgent requirements. You can use them for various purposes, such as buying a two-wheeler, renovating your house, purchasing gadgets, or even funding a vacation. Getting your Loan approved typically requires a decent credit score, and the necessary documents are minimal. A major advantage of applying for it is the flexibility in repayment options. Here are different methods to pay your EMIs:
- Auto-debit payments
It is a popular payment method for repaying a Personal Loan. After signing an ECS/NACH debit mandate, you are instructing and authorising the bank to deduct the Loan EMI from your account every month on a particular date. You can sign it either in the branch or online. Once activated, your Bank Account will be automatically deducted towards the Loan EMI.
- Cheque payments
It is a traditional payment method for Personal Loan EMIs, where you drop off the cheque at your bank branch. While it provides a physical payment record, this method may not offer the advantages of contemporary payment alternatives. If there is a delay in the processing time, it could affect the punctuality of payments.
- Online payment facilities
Many banks offer a convenient online payment option through their Online Banking platforms. To settle your overdue EMIs, you need to input your Loan Account number. The platform will display the outstanding payable amount, allowing you to enter the desired payment amount and other necessary details.
From there, you will be directed to the bank’s payment platform, such as bill desk, where you can proceed to pay using Online Banking or other supported payment methods, such as Debit Cards.
- Mobile wallets and UPI apps
The availability of mobile wallets and UPI apps has revolutionised payment convenience. Several banks offer online platforms designed to facilitate seamless Personal Loan EMI payments. These often come with added functionalities, such as transaction tracking, alerts, and reminders, enhancing the overall user experience.
Whether you plan to apply for a Loan online or by visiting the bank branch, you can always compare which option suits you best. Before applying, check whether the Personal Loan interest rate offered is low and competitive, enabling you to save money on repayments.
You need to repay your EMIs on time, which consist of a portion of principal and interest payments every month to the bank to clear your dues. Ensure your repayment capacity is high, and you do not miss out on your EMI payments.
Conclusion
Applying for a Loan offers a viable solution to address financial constraints. It is essential to consider various factors when doing so, including borrowing limits, tenure, repayment options, and interest rates. To gauge your monthly repayment obligations accurately, you can utilise a Personal Loan EMI calculator. This tool is readily available online, enhancing your Loan borrowing experience and helping you save up as much money as possible.
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